The new console will be a slightly smaller -- relative to the current PS3 -- rectangular black box and it will start at $399. That's $100 less than Microsoft's upcoming rival console Xbox One which will start at $499.

The new console will introduce gamers to several interactive features. Among them is the PS4's ability to learn user preferences and recommend games, movies and TV shows based on previously liked content. In addition, players will have the capacity to look over game-related information shared by friends.

The console also comes with several features that look to increase play-time. "Play Go," for example, allows users to begin playing a game while it's still downloading and "Remote Play," lets users seamlessly play several PS4 games on their PSVITA -- Sony's portable game system.

Sony also made some changes to the console's controller. The DualShock4 will be wireless like its predecessor, but it will feature several new "trigger buttons."

Regarding games, Sony said they are currently 140 games in development for the PS4, 100 of which will be available during the device's first year. As for Internet connectivity, Jack Tretton, Sony Computer Entertainment of America president and CEO said it won't be required.

Concerning used games, Tretton said Sony won't try to prevent users from sharing pre-owned games with one another.

"When a gamer buys a PS4 disc, they have the rights to use that disc, resell it, lend it to a friend or keep it forever," Tretton said.

United Press International is a leading provider of news, photos and information to millions of readers around the globe via UPI.com and its licensing services.

With a history of reliable reporting dating back to 1907, today's UPI is a credible source for the most important stories of the day, continually updated - a one-stop site for U.S. and world news, as well as entertainment, trends, science, health and stunning photography. UPI also provides insightful reports on key topics of geopolitical importance, including energy and security.

A Spanish version of the site reaches millions of readers in Latin America and beyond.

UPI was founded in 1907 by E.W. Scripps as the United Press (UP). It became known as UPI after a merger with the International News Service in 1958, which was founded in 1909 by William Randolph Hearst. Today, UPI is owned by News World Communications.